Epiphany Industries is considering a new capital budgeting project that will last for three years. Epiphany plans on using a cost of capital of 12% to evaluate this project. Based on extensive research, it has prepared the following incremental cash flow projections:

1.

Year	0	1	2	3
Sales (Revenues in $)		100,000	100,000	100,000
- Cost of Goods Sold (50% of Sales)		50,000	50,000	50,000
- Depreciation		30,000	30,000	30,000
= EBIT		20,000	20,000	20,000
- Taxes (21%)		4200	4200	4200
= Unlevered Net Income		15,800	15,800	15,800
+ Depreciation		30,000	30,000	30,000
+ Changes to Working Capital		-5000	-5000	10,000
- Capital Expenditures	-90,000

Please solve the following: the free cash flow, and PV for the first year of Epiphany's project is closest to: